US Treasury Secretary Scott Bessent stated on Sunday, May 11, that significant progress had been made in discussions with Chinese Vice Premier He Lifeng’s team in Geneva, aimed at easing trade tensions between the world’s two largest economies.Bessent noted that he would provide further details on Monday, May 12, while US Trade Representative Jamieson Greer, who also participated in the talks, remarked that the gap between the two sides was smaller than previously believed.
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Reuters quoted Bessent.
Bessent said he had updated President Donald Trump on the progress of the negotiations and added that a full briefing with detailed information would be provided on Monday.Posting on his platform Truth Social, Trump said the talks were “friendly, but constructive,” and emphasised that the aim was to reopen China to American businesses.
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Reuters quoted Bessent.
Bessent said he had updated President Donald Trump on the progress of the negotiations and added that a full briefing with detailed information would be provided on Monday.Posting on his platform Truth Social, Trump said the talks were “friendly, but constructive,” and emphasised that the aim was to reopen China to American businesses.
The talks had continued into a second day on Sunday as both sides discussed how to de-escalate a trade war that threatens to inflict major damage on the world economy.
These renewed discussions follow Trump’s recent move to raise tariffs on Chinese imports to 145%, prompting Beijing to respond with a 125% levy on American goods.
(Edited by : Priyanka deshpande)
